Wedding spending on the rise
China’s wedding industry, which stood at $210 billion in 2017, is estimated to surge 24.66 percent year-on-year to reach $265 billion this year, and to surpass $438 billion by 2021, according to a report released by market research company ASKCI Consulting.
The growth comes despite fewer people getting married. Statistics from the Ministry of Civil Affairs showed that last year 10.59 million couples registered their marriage in China, down roughly 7 percent from 2016. That marks four years of consecutive declines.
But as the post-1990s generation become the backbone in the industry, their higher consumption demands are driving them to spend more on their wedding.
Specifically, the industry is undergoing a transition toward a more fragmented model, covering wedding photography, honeymoon tourism and banquets.